Bragg Gaming announces record fourth quarter 2024 revenue
Bragg Gaming’s fourth-quarter revenue increased by 16.3 per cent to a record level of €27.2 m withgross profit rising 30.9 per cent and adjusted EBITDA growing by 68 per cent
Full-year revenue increased 9.1 per cent to a record level; gross profit rose 8.2 per cent and adjusted EBITDA grew by 3.6 per cent. In 2025 Bragg expects significant revenue growth in Brazil and North America, which is anticipated to contribute up to 10 per cent and 15 per cent of revenue, respectively by year-end.
“Revenue and Adjusted EBITDA grew sequentially for four straight quarters, culminating in record 4Q 2024 revenue of €27.2 m, up 16.3 per cent year-over-year, and Adjusted EBITDA of €4.7m rising by 68.1 per cent,” said Matevž Mazij, CEO of Bragg. “Our investments in proprietary content and AI-enhanced platform capabilities are driving both revenue growth and improved profitability. As we execute our strategic plan in key markets like Brazil and the US, we’re leveraging our scalable platform and margin-accretive products to accelerate financial performance. The executive team we’ve assembled has already demonstrated their value through deals like our Caesars partnership, positioning Bragg for sustained revenue expansion and profit growth in 2025.”
The quarter was highlighted by the company expanding to a second Canadian province through Loto-Québec content deal. It established content and technology partnership with Caesars Entertainment and launched operations in Brazil’s regulated iGaming market. It also launched iGaming content in Delaware, the Company’s fifth US iGaming state and expanded its partnership with Caesars Digital to Pennsylvania and Ontario markets.
Content-focused products, including proprietary, exclusive and aggregated content are projected to drive significant revenue growth in Brazil and North America, which are expected to contribute up to 10% and 15% of revenue, respectively by year-end.
The company believes that its proprietary and exclusive content and aggregation businesses are strategically positioned to capture a significant share of Brazil’s USD 1.5 billion iGaming market, projected to more than double to over USD 3.3 billion by 2029, according to H2 Gambling Capital.
The company believes that it is strategically positioned for significant growth in the US market by leveraging its proprietary and exclusive content portfolio. Through integration with top-tier operators such as DraftKings, FanDuel, Rush Street, Caesars and BetMGM, and licenses in all key iGaming states, the Company’s content is accessible to over 90% of the US iGaming market, valued at over $8 billion, according to H2 Gambling Capital. Under the leadership of Neill Whyte, Chief Commercial Officer, and Garrick Morris, SVP (Commercial, US & Canada), veterans of the iGaming industry with multi-decade successful market penetration experience under their belt, the Company has strong leadership to garner enhanced market share. It is expected that proprietary and exclusive content growth in the US will be further driven by the recently announced technology and content partnership with Caesars Entertainment Inc. This partnership, which leverages the Company’s cutting-edge technology and innovative development strengthens the Company’s profile in a competitive and dynamic market.
Bragg aims to expand content distribution in key Western European markets, including Italy, UK, Spain, and Sweden, by leveraging existing integrations with top operators and implementing targeted sales strategies.
The company plans to increase its roster of partner studios to enhance the release cadence of titles in North America. Additionally, Bragg aims to grow exclusive content distribution in Central European markets, including the Czech Republic and Germany, through strategic partnerships with studios such as GAMOMAT and King Show Games.
